Three-quarters have not considered current account switch, survey says - Fewer than one in five people considered a current account change, but did not go through with it, according to a study.
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You are here: DIME Home > Accounting > Three-quarters have not considered current account switch, survey says
Fewer than one in five people considered a current account change, but did not go through with it, according to a study.
Author: Sam Gooch
Date: Oct 26, 2010 - 12:14:19 PM
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Fewer than one in five people considered a current account change, but
did not go through with it, according to a
study.
Three out of four consumers have never even
considered switching their current account, one survey has
revealed.
According to a report by Consumer Focus -
which aims to tackle financial issues that matter to customers
including savings
accounts and give them a stronger voice - 17 per cent, or more
than eight million people in the UK, had thought about making a change
but not gone through with it.
Some of the reasons
for this lack of action included the negative effect it could have on
someone's credit rating, as well as the hassle
involved.
In addition, only seven per cent of
people surveyed admitted they had switched current accounts in the last two
years.
Sarah Brooks, head of financial services at
the organisation, said the idea of moving this product does not even
enter the minds of many people, even if their financial institution is
not doing a decent job.
She added: "Until
more people are prepared to vote with their feet, there will not be
enough pressure on banks to improve their performance. Complaints
against banks are persistently at an unacceptably high
level."
What's more, 29 per cent
who are not happy with their financial organisation and have considered
making a change still fail to do so, which is mainly down to the
process.
And more than two in five (44 per cent)
pointed out that when they tried to make changes there had been
issues.
However, other sectors did not experience
such continuity as 31 per cent switched their energy supplier with 26
and 22 per cent of customers moving their telecoms and home insurance providers
respectively.
But those looking for a current
account to store cash in may like to take heed of advice from the
British Bankers' Association, which observed last week that
these products should not be used as savings accounts
UK Price Comparison website http://www.which4u.co.uk Compares Credit Cards, Savings Accounts, Fixed Rate Bonds, Bank Accounts, ISAs, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals
View all articles by Sam Gooch
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